How to Draw Fibo Extension Levels on MetaTrader 5

The steps below show how to place Fibo Expansion areas on MT5 and how to change its settings. This tutorial also explains how to trade Bitcoin using this Fib Expansion tool.

How to Add This Fib Extension Levels Tool on MetaTrader 5

Steps: This Fib Expansion tool is not displayed by default in MetaTrader 5 default settings, if the button does not appear on your MetaTrader 5, (no need to download this tool) then locate the "MetaTrader 5 Line Studies Toolbar" shown below and follow the steps discussed below:

MT5 Line Studies ToolBar

MetaTrader 5 Line Studies ToolBar - Bitcoin Software

Customize Line Studies Toolbar

Right click the Customize button (illustrated below) >>> A drop down menu appears, Select Customize >>>

Customize Line Studies Toolbar MetaTrader 5 Software

Place This Tool on MetaTrader 5

Select the expansion tool from the popup window that will then appear >>> Click Insert button >>> Click Close. (Shown Below)

Place Fibo Expansion Tool on MetaTrader 5

Fib Expansion Indicator Tool Added

Fib Extension Levels Tool Added to MetaTrader 5

Shortcut of How to Add Fib Expansion Tool

You can also use this shortcut instead of the above method, do this:Click "Insert Menu"Click ObjectsClick FibonacciClick Bitcoin Fibonacci Expansion

Steps on How to Draw Fibo Extension Levels on MetaTrader 5

Steps: Once you have added this Fibonacci expansion button, you can draw this Fib Expansion tool by selecting it and drawing it on a Bitcoin price chart. The 3 chart points will be marked 1, 2 and 3, select the Fibo Expansion indicator, place the indicator on chart point 1 and while still holding down the mouse button drag the mouse upward to chart point marked 2.

How to Draw Fibo Expansion Areas on a Bitcoin Price Chart

How to Adjust Fibo Expansion Tool on a Bitcoin Chart

Steps: Once you have drawn this Fibonacci expansion indicator, you may need to move one chart point or another to the precise position where you precisely want. These 3 chart points are marked 1, 2 and 3 and these are used to change the settings after this Fibonacci expansion indicator has been drawn on a Bitcoin price chart.

To change the Fibo Expansion settings: do this, double click the indicator, it appears as dotted lines (shownillustrated above), 3 cursor points will show which are marked 1 2 3, you can then use these 3 points to adjust and fit the indicator accordingly to your Bitcoin price chart (just click on the point you want to move each Fib Expansion point to).